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Can a NRI acquire a commercial property in India?

A. Yes, under the general permission granted by the Reserve Bank, property other than agricultural land/farm house/plantation property can be acquired by NRIs provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE/FCNR accounts maintained with banks in India and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.



Corporate Office Address


Kanakia Spaces Realty Pvt. Ltd.
215-Atrium,10th floor, Next to Courtyard by Marriott Hotel,
Opp. Divine Child High School, Andheri Kurla Road, Andheri (East),
Mumbai - 400 093, India

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